Dubai – Mubasher: Emaar Malls, Emaar Properties’ shopping malls and retail business unit, has reported a net profit of AED 548 million ($149 million) during the first quarter of 2018, compared to AED 539 million ($147 million) in the year-ago period.
The company’s revenue surged 24% to AED 1.038 billion ($283 million) in Q1-18 versus AED 836 million ($228 million) a year earlier, according to a company statement released on Sunday.
Emaar Malls’ shareholders have approved the distribution of AED 1.301 billion in cash dividend for 2017, which makes up 10% of its capital.
“We have been shaping the retail sector of Dubai by building world-class retail and leisure destinations as well as ensuring that they offer retail choices that meet the aspirations of today’s tech-savvy youth,” Mohamed Alabbar Emaar Properties’ chairman of Emaar Malls’ board member commented.
Emaar Malls’ facilities welcomed over 35 million visitors in the first three months of the year, the UAE-based company revealed.
“We will continue to implement innovative approaches that bring back the charm of retail as a family activity, with a focus on delighting our customers, bringing digital innovation and driving deep customer personalisation and efficiency,” Alabbar said.
Emaar Malls enjoys a gross leasable area (GLA) of over 6.4 million square feet in Dubai.
